1.You want to have $40,716 in your savings account 11 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 7 percent interest, what amount must you deposit each year?

2.What is the EAR if the APR is 3 percent compounded monthly? Enter answer with 4 decimals (e.g. 0.1234)